Citadel sale finalized

Forstmann Little has purchased Citadel Communications for $2 billion. With the deal, which works out to $26 a share, Citadel moves from a publicly traded to a privately held company.

Larry Wilson, who will remain in charge, says he plans to use the knowledge of Ted Forstmann to grow Citadel into the third largest radio company behind Clear Channel and Infinity. Locally, Citadel owns 93Q, 95X, and Lite 105.9.